The market size of composites in oil & gas industry is projected to reach USD 1.98 Billion by 2021, at a CAGR of 5.05% between 2016 and 2021
The increasing demand for non-corrosive and lightweight materials in the oil & gas industry and low maintenance cost of composites are the key drivers of the global market of composites in oil & gas industry.
The global market of composites in oil & gas industry is segmented based on fiber type, resin type, application, and region. The prepreg market, by fiber type is further segment into glass fiber and carbon fiber. Glass fiber-based oil & gas composites had the largest market size, in terms of value, owing to growing demand from frac plugs, frac balls, walkways, ladders, handrails, tanks, and others.
The market of composites in oil & gas industry, by resin type is segmented into epoxy, polyester, phenolic, and others. The epoxy resin-based oil & gas composites is expected to grow faster during the forecast period due to tremendous boom of the hydraulic fracturing to extract natural gas from shale gas deposits, leading to increased use of epoxy resins-based bridge plugs, frac plugs, frac balls, pipes, and others.
The major applications included in market of composites in oil & gas industry include pipes, tanks, top side applications, and others. Applications such as frac plugs, frac balls, flexible tubes, and composite riders in the market of composites in oil & gas industry is projected to be the fastest-growing application between 2016 and 2021. This is because with the new innovations in the exploration and production activities of the oil & gas industry, there is an increasing demand for improved hydraulic fracturing methods, thereby increasing the demand of composite products to meet the harsh and aggressive environment conditions.
Asia-Pacific is projected to register the highest CAGR, in terms of both value and volume, between 2016 and 2021. The growth is mainly attributed to the rising demand for superior properties exhibited by the product from applications including pipes, tanks, top side applications, and others. It is also backed by increasing partnerships, agreements & contracts and other development strategies.
The market of composites in oil & gas industry is rapidly gaining importance; however, few factors, such as capital-intensiveness of the industry, availability of low-cost substitutes, and high initial and production costs are some of the major challenges and restraints faced by market of composites in oil & gas industry.
Airborne Oil & Gas (Netherlands) develops, manufactures, sells, and markets fully bonded thermoplastic composite pipes composed of glass or carbon fiber reinforcements to offshore oil & gas industry. The company forms partnerships, agreements & contracts with other organizations which is directed toward improvement of existing products and adaptation of existing products to particular customer requirements. Such focus by the company has helped them to maintain its leading position in the attractive niche markets.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Macro Economic Overview and Key Drivers
6 Market Overview
7 Industry Trends
8 Market of Composites in Oil & Gas Industry, By Fiber Type
9 Market of Composites in Oil & Gas Industry, By Resin Type
10 Market of Composites in Oil & Gas Industry, By Application
11 Market of Composites in Oil & Gas Industry, By Region
12 Competitive Landscape
13 Company Profiles
- Airborne Oil & Gas - Enduro Composites Inc. - GE Oil & Gas - Halliburton - Magma Global Limited - National Oilwell Varco - Schlumberger Limited - Strongwell Corporation - Vello Nordic as - ZCL Composites
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Source: GlobeNewswire
(September 22, 2016 - 6:08 AM EDT)
